KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

Revenue collection exceeds target in Nepalgunj customs office

The Nepalgunj Customs Office has seen an encouraging trend of revenue collection in the first two months of the current fiscal year.

The customs office had faced revenue loss in the last fiscal year because of persistent lockdown against coronavirus pandemic. But, the revenue collected by the office in the period from mid-July to mid-September has exceeded the target.

Chief customs officer Shantiram Niraula informed that the customs office has collected revenue amounting to Rs 1.68 billion in the first month (mid-July to mid-August) of the current fiscal year.

The target for the month was Rs 947.5 million, he shared, adding the collection is over 56 percent than the target.

Likewise, the revenue of Rs 1.46 billion was raised in the second month (mid-August to mid-September) of the current fiscal year against the target of Rs 1 billion.

Niraula said the revenue amount has increased with the trend of imports via illegal routes coming to an end due to enforcement of lockdown.

Prabhu Bank launches ‘Sahyatra Samridhi’ loan scheme

Prabhu Bank has launched ‘Sahyatra Samridhi loan scheme. The scheme has been launched targeting small entrepreneurs and entrepreneurs affected by the coronavirus, self-employed entrepreneurs, educated unemployed youth, unemployed youth returning from abroad, entrepreneurs engaged in traditional professions, and businesses.

The scheme has been introduced under the Unified Procedure 2075 BS on Interest Subsidy for Concessional Loans of Nepal Rastra Bank, the bank said in a statement.

Ashok Sherchan, Chief Executive Officer of the bank, said that the scheme was launched to provide relief to the youths who are facing difficulties in running their daily life due to the impact of the coronavirus.

The loan scheme is to manage the existing financial difficulties and their plight, Sherchan said. In the first phase, a loan of Rs 100,000 will be provided to women tempo drivers and Rs 400,000 to school teachers.

Nepali traders likely to lose billions due to closure of Nepal-China border points

Nepali entrepreneurs are likely to lose billions of rupees after the China government blocked the border checkpoints to Nepal citing the coronavirus pandemic.

Container vans loaded with 1.1 million auto disposable syringes used for BCG vaccination have been stuck on the Nepal-China border after China blocked Rasuwagadhi,  Kerung and Tatopani checkpoints.

Three Nepal-China checkpoints had been blocked during the lockdown period after the coronavirus took a toll on Wuhan City of China in last December.

Only 20 container vans loaded with goods including health materials (PCR machines, VTM kits, PPEs, masks, sanitizers( had entered  Nepal via Tatopani checkpoint after the border point was opened in agreement between the two countries.

Tatapani border point which resumed by the second week of June again remained shut due to the landslide since July 9.

The China government has decided not to open the border point saying that Tso Lake on the China side is likely to burst.

On the other hand Rasuwagadhi checkpoint has been closed since the last week of December, 2019.

It is a shame on the part of the government not to take any initiations to help bring the goods that have been stuck for months, said Naresh Katuwal, chairman of Nepal National Entrepreneurs Federation.

Renault launches new ‘KWID’

Renault, the number one European brand in Nepal, has launched the all-new KWID. The price of Kwid starts from  Rs 24,99,000.

After the tremendous success of Kwid in Nepal , the all-new Kwid is a breakthrough product in terms of design, innovation and modernity, while offering even more value and best-in-class cost of ownership.

Built on the pillars of attractiveness and innovation, KWID has been a game-changing product for Renault in Nepal.

The all-new KWID is bolder, more stylish and comes loaded with many first-in-class features. The all-new KWID is available in 1.0L SCe (Smart Control efficiency) powertrains with manual and automated transmission options.

“With innovation in its DNA, the SUV-inspired Renault KWID has been a true game-changer and volume driver for Renault India. The all-new KWID’s next-gen technology combined with its sleek style and innovative design ensured that KWID continues to be a major disruptor in India’s entry car segment.

Indian Ambassador Kwatra and NRA CEO Chairman Gyewali launch CBRI Project website

Indian Ambassador to Nepal, Vinay M. Kwatra and CEO of National Reconstruction Authority, Sushil Gyewali, jointly launched the CBRI project website on Post-Earthquake reconstruction initiatives in education sector.

In a virtual launch ceremony on Tuesday, Ambassador Kwatra and Gyewali unveiled a dedicated website on Government of India-assisted post-earthquake reconstruction projects in the education sector in Nepal.

The website, available in both English and Nepali versions, is a one stop, user friendly window for all information related to education projects under GOI-assisted post-earthquake reconstruction initiatives.

The website is accessible at www.goicbrinepal.com. It has been conceptualized and developed by the Central Building Research Institute (CBRI), Roorkee under India’s Council of Scientific & Industrial Research (CSIR).

The CBRI, Roorkee, is the Design and Project Management Consultant for the project, and a premier National Laboratory under the Council of Scientific & Industrial Research (CSIR).

Government of India remains committed to continue supporting the socio-economic development of Nepal, including through post-earthquake reconstruction projects in Nepal.

Cooperatives cannot charge more than 14.75% interest on loans from November 1

Saving and credit cooperatives will not be allowed to collect more than 14.75 percent interest on their loans.

With the decision of the Department of Cooperatives to fix a new cap on the lending rate, cooperatives across the country will be restricted from charging interest rates higher than 14.75 percent on the loans they float to their members.

The new cap imposed by the department upon the recommendation of a committee formed to fix the reference interest rate will, however, come into effect from November 1.

The new reference rate fixed by the department upon the recommendation of the committee is 1.25 percent lower than the current upper limit.

Compiled and prepared by Nitish Lal Shrestha)

Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.